Royal Bank of Scotland has announced a £3 billion cash injection for small businesses. The NatWest parent said it would make the funding available to small and medium sized enterprises (SMEs) through 12 regional funds. RBS, which is due to be 70% owned by the State, has come under increasing pressure to step up lending to businesses crippled by a shortage of credit in the economic downturn. Regional funds of £250 million are to be launched across England, Wales and Scotland, with Ulster Bank administering the Northern Ireland scheme. RBS said the move was part of its commitment to pump an additional £6 billion into lending to UK borrowers. As well as providing extra debt finance, the new fund will provide businesses access to other options to help them manage their capital and cashflow. The bank said the fund will offer customers a choice of financial support including small business loans of up to £15,000 from 7.9% annual percentage rate (APR) and over £15,000 at 5.9% APR. Other options include trading business loans which allow customers to postpone capital repayments. Business Secretary Lord Peter Mandelson welcomed the move and urged other banks to follow suit. He said: “This new fund… Read full this story
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